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PAR Capital Management Portfolio holdings

AUM $3.45B
1-Year Est. Return 28.5%
This Fund
S&P 500
This Quarter Est. Return
+15.89%
1 Year Est. Return
+28.5%
3 Year Est. Return
+123.74%
5 Year Est. Return
+64.51%
10 Year Est. Return
+369.64%
AUM
$4.33B
AUM Growth
+$582M
Cap. Flow
+$187M
Cap. Flow %
4.32%
Top 10 Hldgs %
58.11%
Holding
83
New
14
Increased
27
Reduced
9
Closed
13

Top Buys

Rank Stock Value
1
DAL icon
Delta Air Lines
DAL
+$159M
2
VA
Virgin America Inc.
VA
+$81.8M
3
QUNR
Qunar Cayman Islands Limited
QUNR
+$65.2M
4
UAL icon
United Airlines
UAL
+$55.7M
5
AAL icon
American Airlines Group
AAL
+$50.6M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$134M
2
BYI
BALLY TECHNOLOGIES, INC.
BYI
+$76.8M
3
AYI icon
Acuity Brands
AYI
+$35.5M
4
VECO icon
Veeco
VECO
+$32.7M
5
CRM icon
Salesforce
CRM
+$25.7M

Sector Composition

Rank Sector Weight
1 Industrials 46.2%
2 Consumer Discretionary 29.83%
3 Real Estate 2.85%
4 Financials 1.94%
5 Communication Services 1.9%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OC icon
26
Owens Corning
OC
$11B
$40.6M 0.94%
1,134,762
– –
LNW
27
DELISTED
Light & Wonder
LNW
$39.1M 0.9%
3,067,900
+67,900
+2% +$818K
SGY
28
DELISTED
Stone Energy
SGY
$37.1M 0.86%
38,731
+16,426
+74% +$19.7M
ALGT icon
29
Allegiant Air
ALGT
$2.57B
$34.9M 0.81%
232,299
-152,701
-40% -$20M
POZN
30
DELISTED
POZEN INC
POZN
$30.9M 0.71%
3,863,699
+500,000
+15% +$4.29M
WMS icon
31
Advanced Drainage Systems
WMS
$10.6B
$28.8M 0.67%
+1,255,000
New +$27.4M
PNK
32
DELISTED
Pinnacle Entertainment Inc.
PNK
$24.2M 0.56%
1,089,466
+689,466
+172% +$16M
MGLN
33
DELISTED
Magellan Health Services, Inc.
MGLN
$24.2M 0.56%
402,900
+2,900
+0.7% +$171K
PCYO icon
34
Pure Cycle
PCYO
$255M
$23.9M 0.55%
5,982,970
– –
IMBI
35
DELISTED
iMedia Brands, Inc. Class A Common Stock
IMBI
$23.5M 0.54%
+356,230
New +$22.3M
APAM icon
36
Artisan Partners
APAM
$2.86B
$22.2M 0.51%
440,000
+160,000
+57% +$7.98M
IVZ icon
37
Invesco
IVZ
$12.4B
$19.8M 0.46%
500,000
– –
GWR
38
DELISTED
Genesee & Wyoming Inc.
GWR
$16.3M 0.38%
181,382
– –
V icon
39
Visa
V
$701B
$15.7M 0.36%
240,000
+68,000
+40% +$4.09M
LONG
40
DELISTED
ELONG, INC. AMERICAN DEPOSITARY SHARES
LONG
$15.5M 0.36%
+864,214
New +$16M
CZR icon
41
Caesars Entertainment
CZR
$6.06B
$15.2M 0.35%
3,747,305
+1,346,894
+56% +$5.61M
MLI icon
42
Mueller Industries
MLI
$14.5B
$14.1M 0.33%
1,652,000
– –
DOOR
43
DELISTED
MASONITE INTERNATIONAL CORP
DOOR
$14M 0.32%
227,000
+97,000
+75% +$5.47M
CPA icon
44
Copa Holdings
CPA
$5.56B
$13M 0.3%
125,000
– –
FCX icon
45
Freeport-McMoran
FCX
$86.2B
$12.6M 0.29%
540,000
– –
ICE icon
46
Intercontinental Exchange
ICE
$87.2B
$12.6M 0.29%
287,500
+37,500
+15% +$1.61M
EXP icon
47
Eagle Materials
EXP
$6.49B
$10.6M 0.25%
139,600
+45,000
+48% +$3.81M
PGTI
48
DELISTED
PGT, Inc.
PGTI
$9.64M 0.22%
1,001,172
+50,000
+5% +$467K
APC
49
DELISTED
Anadarko Petroleum
APC
$9.28M 0.21%
112,444
-75,000
-40% -$6.53M
CSGP icon
50
CoStar Group
CSGP
$12.2B
$9.22M 0.21%
502,000
+162,000
+48% +$2.62M
1
2
3 4

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PAR Capital Management's Q4 2014 Portfolio in Review

As of Q4 2014, PAR Capital Management held 83 positions worth $4.33B, up 16% from $3.75B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

PAR Capital Management deployed $187M of net new capital in Q4 2014, opening 14 new positions and adding to 27 existing holdings. Its largest new stake was Virgin America Inc.: 2,264,492 shares worth $93M.

By sector, the portfolio is most concentrated in Industrials at 46% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Real Estate.

On the sell side, the largest reduction was Booking.com, an estimated $134M trimmed.

  • PAR Capital Management's largest Q4 2014 buy was Virgin America Inc.: 2,264,492 shares worth $93M.
  • PAR Capital Management added most to Delta Air Lines in Q4 2014, an estimated $159M increase.
  • PAR Capital Management's biggest Q4 2014 reduction was Booking.com, cutting an estimated $134M.
  • PAR Capital Management fully exited BALLY TECHNOLOGIES, INC. in Q4 2014, selling an estimated $76.8M.
  • PAR Capital Management's ten largest holdings make up 58% of its $4.33B portfolio in Q4 2014.
  • PAR Capital Management opened 14 new positions and closed 13 in Q4 2014.
  • PAR Capital Management's portfolio value rose 16% quarter-over-quarter to $4.33B.

Based on PAR Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.